Shanthi Gears Q4 net slumps by 76%

CHENNAI: Industrial power transmission manufacturer Shanthi Gears, part of the diversified business conglomerate Murugappa Group, has reported a 76 per cent decline in its net profits at Rs 1.92 crore for the fourth quarter ended March 31, 2013.

The Coimbatore-based company had registered a net profit of Rs 8.14 crore during the corresponding period of previous year, Shanthi Gears said in a BSE filing.

For the year ending March 31, 2013, the net profits of the company slumped by 45 per cent to Rs 15.47 crore from Rs 28.13 crore during the corresponding period of previous year.

The total income from operations for the fourth quarter stood at Rs 37.10 crore against Rs 49.32 crore during the same period of previous year.

For the fiscal ended March 31, 2013, the total income from operations dipped to Rs 146.53 crore from Rs 172.99 crore during the previous year.

The Board at its meeting held today recommended a dividend of Rs 0.60 per equity share of Re one each (60 per cent).

Shares of the company ended at Rs 55.50 apiece, up by 0.91 per cent, over the previous close in BSE.

Tube Investments, part of the Murugappa Group, acquired 44.12 per cent stake in Shanthi Gears for Rs 464 crore last year.